Bonds Hold Narrow Range Overnight, Slightly Weaker This AM The extent to which Treasuries have adhered to yesterday's narrow range is almost spooky. (There's a good look at that range in the second chart of the 'Day Ahead' HERE. Not only do 10yr yields continue to operate in this range so far this morning, but it held up flawlessly overnight as well. Light volume added to the sense of "waiting for Fed Minutes." All that having been said, it's no guarantee that the range continues to be as perfect as it has been since yesterday morning. Existing Home Sales at 10am certainly would be within its rights to nudge levels higher or lower (if that doesn't happen beforehand). At the moment, we're closer to the weaker end of the range with 10's at 2.833 and Fannie 4.0s down 3 ticks at 102-16 (still higher than most of yesterday's action). After the 10am data, the main event on today's horizon is FOMC Minutes at 2pm.